Central Reserve Bank of El Salvador: Driving Innovation and Financial Inclusion for National Development

The Central Reserve Bank of El Salvador (BCR) continues to set the standard for leadership, technological innovation, and excellence across Central America. Under the guidance of President Nayib Bukele, the BCR has consolidated its position as the region’s top central bank for the second consecutive year, delivering high-impact projects aimed at improving the economic well-being of Salvadorans. 

In 2024, the BCR spearheaded several landmark initiatives, reinforcing its commitment to inclusive growth and technological advancement. Among its flagship achievements was the successful execution of the VI Population Census and the VII Housing Census. For the first time in El Salvador’s history, this complex operation was conducted entirely through digital platforms. The adoption of cutting-edge technology enabled accurate, real-time data collection and facilitated the swift dissemination of census results—delivered within a record four months after field operations concluded. These results provide an essential tool for policymakers, allowing the government to design more effective public policies tailored to the country’s evolving sociodemographic realities.

Championing Financial Inclusion

As a national leader in financial inclusion, the BCR launched “Mi Viaje Financiero”, an innovative financial education project designed to increase awareness and understanding of digital financial services among young Salvadorans. Housed within a 12.5-metre-long and 4.5-metre-wide expandable bus equipped with state-of-the-art technology, the mobile classroom toured all 14 departments of the country. It targeted students between the ages of 13 and 18 in public schools, offering them a hands-on introduction to modern financial products such as debit and credit cards, electronic payments via POS terminals, QR codes, ATMs, and more. This initiative forms part of the BCR’s wider strategy to build a digitally savvy, financially empowered population.

Modernising Regulation and Strengthening Confidence

In its role as regulator of the Salvadoran financial system, the BCR undertook a comprehensive update of all financial regulations in 2024. This reform enhances transparency, fosters public trust, and bolsters stability and security across the financial sector. As a testament to its leadership in financial inclusion, the BCR hosted the prestigious Global Policy Forum (GPF) in 2024. Organised in partnership with the Alliance for Financial Inclusion, the event welcomed representatives from 77 institutions—including central banks and monetary authorities from 65 countries—to share best practices in innovative financial services, green finance, and strategies designed to support vulnerable populations.

Supporting Trade and Economic Growth

The BCR, through its Centre for Import and Export Procedures of El Salvador (CIEX), has continued modernising and simplifying foreign trade processes. Key improvements in 2024 included the automation of visa approvals for agricultural products from the Ministry of Agriculture and Livestock and the implementation of shark exportation certificates. These measures have significantly reduced processing times and costs for exporters, providing a boost to trade and economic activity.

Leading Digital Financial Services

The Transfer 365 platform, promoted by the BCR, has emerged as the preferred solution for Salvadorans conducting immediate, free digital financial operations. Operating 24/7, the service supports interbank transfers, provider payments, payroll processing, and loan repayments. In 2024, Transfer 365 captured an impressive 84% share of all interbank transfers, underscoring its central role in advancing digital financial services.

The BCR also introduced “Tu Cheque Hoy, Tu Dinero Ahora”, a modernised check clearing service that dramatically reduces processing times. Where clearance previously took up to three days, Salvadorans now receive their funds in less than five hours. Offered by 19 financial institutions nationwide, this service represents a significant leap in efficiency and customer convenience.

Recognised Excellence and Innovation

The BCR’s transformative work earned widespread recognition in 2024. It was named Best Central Bank in Central America for the second consecutive year and received the Prize for Quality and Excellence from the European Association. Additionally, the bank’s groundbreaking digital mapping project, “Nueva Cartografía 100% Digital de El Salvador”, won the international SAG-AWARD at the ESRI User Conference. The BCR was also certified as a Great Place to Work, reflecting its commitment to fostering a positive and supportive working environment.

These awards and recognitions reflect the dedication of the BCR team and their role in strengthening El Salvador’s financial system. The bank’s projects and initiatives are increasingly visible and impactful, contributing to national development and delivering tangible benefits to the Salvadoran people.